This a discussion about operations management
Please answer the following questions. The aim here is to discuss. Where appropriate please support your claims with data.
Forecasting is an important business tool. It is used for sales, cost of goods sold, and in pro-forma accounting and financial statements, to name only a few. Research the topic of “Forecasting” and describe three mathematical methods used for forecasting, and where each method is most effective, and why. How would you respond to those who claim that forecasting is only as accurate as a crystal ball? Who knows what the future will bring? Use resources other than the textbook.
Write three well though-out paragraphs that address the topic question with laser focus and show the references and websites you used for your citations
do not need too many words .just good points thanks
Forecasting is an important business tool because it allows for self-assessment. There are various focusing methods in use today. Some are mathematical while others are not. The mathematical forecasting methods that are mostly used in business include quantitative forecasting, Time series analysis, and Trend extrapolation (Armstrong, 2001).
Quantitative forecasting is effectively………….